CEO letter to investors

A passion for growth

This is a remarkable time for our Company – we are experiencing excellent operating and financial results, and are often outpacing our competition. I believe our collective passion for growth is enabling us to maintain the best momentum we have ever experienced in my 12 years leading TELUS.

Last year, I shared my personal three-year goals to 2013 – specifically, that TELUS has the potential to generate low double-digit annualized growth in EPS and even greater free cash flow growth, excluding any one-time items such as future spectrum purchases. The earnings goal was achieved in 2011 and we expect strong double-digit free cash flow growth in 2012.

Through 2012 and beyond, TELUS will continue to focus on delivering growth and putting our customers first in all areas of our business. I am optimistic that we can continue to be at the forefront of our global peers, and create more long-term value for our investors, customers, team members and the communities we serve.

My confidence in the future economic prospects of your Company is such that, for the third consecutive year, I will take the entirety of my annual cash salary compensation in TELUS shares.

The table below says it all. You have my commitment and that of my team to continue building on these leadership results.

Thank you for your continued support.

Darren Entwistle Signature

Darren Entwistle
Member of the TELUS Team
February 23, 2012

TELUS' Total Return1 World Ranking
Versus Incumbent Telcos
2000 to 2004 #1
2000 to 2005 #1
2000 to 2006 #1
2000 to 2007 #1
2000 to 2008 #1
2000 to 2009 #3
2000 to 2010 #1
2000 to 2011 #1
Total shareholder return of 152% from 2000 to 2011

1 Total return includes reinvested dividends measured from December 31, 1999 to: December 31 of 2004, 2005, 2006, 2007, 2008, 2009, 2010 and 2011.

Discover how TELUS continued to realize the benefits of its strategic investments and generated positive financial performance in 2011.

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